Franz is looking to save for a 4,000 deposit towards buying a canal boat in 6 years. He has 500 lump sum already and is willing to add another 30 per month.

2.3b Explain which sort of financial product would be suitable for this saving strategy (2 marks)

2.3c Briefly explain another way that Franz could save the amount of his deposit if he is risk-averse or doesnt have much risk capacity. (4 marks)